I'm often asked, "can I still buy a home if I've had a recent
bankruptcy?". Absolutely! Now, for obvious reasons, you can expect to
pay a higher rate on your mortgage than those who haven't had a
bankruptcy. You actually have a couple of choices when it comes to
purchasing a home after a bankruptcy. You can get your mortgage through
a non-prime lender, or seek out an FHA Loan. Whichever mortgage lender
type you go with, be prepared to produce an explanation of the
circumstances of the BK, as well as the documentation and schedule of
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debtors. You'll also need to have re-established some credit in most
cases, to show the mortgage lender that you can now handle paying your
bills again. You needn't be a novelist to write you BK explanation
letter, your mortgage broker can help with that. At our company, it's
no big deal to help 20-30 people each month at writing their
explanation letter for Bk's. We know what the mortgage lender is
looking for and what format they like, so relax when it comes to this
part of the loan. They really just want to know what the circumstances
surrounding your BK were, in layman's terms. There are basically two
kinds of personal bankruptcies that mortgage lenders deal with; Chapter
13, where your debts are reorganized and paid out over time and Chapter
7, where your assets are liquidated. I'm not an attorney, so speak to
your tax advisor about each of these bankruptcies if you'd like
in-depth information about what they mean. You can usually get a home
mortgage in 12 months with a chapter 13 bankruptcy. You can expect to
wait at least 2 years for a chapter 7 bankruptcy. Either way, you can
expect to produce a trustee letter. It's dis-heartening, but I meet
couples and individuals all the time who have either just filed
bankruptcy, or they have one being discharged and I'm unable to help
until they get a trustee letter, authorizing a home purchase. I hope
this helps you in your mortgage endeavor!
View this and other articles at The Mortgage
Blog [http://www.ezmortgagequotes.com/mortgage-blog.html]
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